China's Crackdown on Virtual Currency Transactions Basically Has Been Completed and Turned Into Regular Supervision

Abstract : Important progress has been made in China's battle to prevent major financial risks, and the financial order has been comprehensively cleaned up.

ChainDD
ChainDD

Sep 05

The People's Bank of China (PBOC) released the Financial Stability Report of China (2021) on Sept 3.

According to the report, COVID-19 has had an unprecedented impact, with the world suffering the worst economic downturn since The Second World War. In the face of major tests and challenges, China has unswervingly adhered to the direction of high-quality development, coordinated epidemic prevention and control with economic and social development, achieved comprehensive victory in the battle against poverty, and completed the building of a moderately prosperous society in all respects.

In 2020, China's GDP grew by 2.3% year on year, and its economic aggregate exceeded 100 trillion yuan (15.5 trillion dollars), making it the only major economy in the world to achieve positive economic growth. At the same time, important progress has been made in China's battle to prevent major financial risks, and the financial order has been comprehensively cleaned up.

Among them, the special rectification of Internet financial risks has achieved good results. All P2P lending institutions have been suspended, and the rectification work in Internet asset management, equity-based crowdfunding, Internet insurance, virtual currency trading, Internet foreign exchange trading and other fields has basically been completed, and has been transferred to regular supervision.

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